ASIC Has New Powers As DDO Becomes Law

The Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers - or DDO) legislation was passed by parliament last week. The law introduces a design and distribution obligations regime for financial services firms as well as a product intervention power for ASIC. We’ve previously written about the importance of this legislation, but here we take a more detailed look at what the potential outcomes will be for advisers, licensees and product manufacturers.